The proposed revamp to the scheme would allow yuan-denominated assets to count toward the threshold, in addition to assets denominated in Hong Kong dollars, according to a government statement.

Exemption from the profits tax for family-owned investment vehicles is also on the table, and the government plans to further review the existing preferential-tax regimes for funds and carried interest.

Financial Secretary Paul Chan Mo-po said the policy announcements demonstrate the government’s determination to develop Hong Kong into a leading global family-office hub and “pool capital from around the world”.

“It will also promote the sustainable development of Hong Kong’s financial and professional services, innovation and technology, green, arts and culture and philanthropy, creating strong impetus for Hong Kong’s growth,” Chan said in a statement issued on Friday.

The government’s list of incentives also includes the establishment of facilities for art storage and display at Hong Kong International Airport, to encourage rich families to store their art collections in Hong Kong.

Other government measures introduced on Friday include the establishment of a new Hong Kong Academy for Wealth Legacy under the Financial Services Development Council, a move aimed at cultivating a talent pool for family offices in Hong Kong.

Attendees at the event today include CP Group’s senior chairman Dhanin Chearavanont and his eldest son Soopakij. The Chearavanonts, whose members have dominated Thailand’s billionaires list for decades, plan to set up a family office in Hong Kong to invest the clan’s fortunes, which is seen as a coup for the city’s ambition of becoming Asia’s wealth-management hub.

Other attendees include Hong Kong moguls Richard Li Tzar-kai and Ronnie Chan Chi-chung, as well as a number of global financial and philanthropic heavyweights.

At least 14 tycoons and chiefs of the world’s leading family offices and organisations – including the Bill & Melinda Gates Foundation, Swiss bank UBS and Art Basel – were slated to speak at the closed-door event at the Hong Kong Palace Museum in West Kowloon Cultural District.

The event was set to include four panel discussions touching on the themes of arts and culture, technology, sustainability and philanthropy. Guests will be entertained with a cultural performance in the evening, according to the summit’s programme, including a traditional Chinese dragon dance and a gala dinner.

Additional reporting by Enoch Yiu.